Compute · the Ledger · Site lease
Fluidstack leases >200 MW at TeraWulf's Lake Mariner campus for 10 years, ~$3.7B of contracted revenue
Signed · announced 14 Aug 2025 · the week to 15 Aug 2025
- Size
- $3.7B
- Power
- 200 MW
- Term
- 10 years · to 13 Aug 2035
~$3.7B over the initial 10-year terms; ~$8.7B with two five-year extensions. MW is 'more than 200'.
The parties
- TeraWulfcompany pageLandlord
- Fluidstackcompany pageTenant
The source
TeraWulf 8-K Ex. 99.1, 2025-08-14Regulatory filing
Two leases (CB-3, CB-4) in Barker, New York, delivered in two phases in 2026. Google backstop: see google-terawulf-backstop-2025-08. On 2025-08-17 Fluidstack added the 160 MW CB-5 building on the same terms, taking its Lake Mariner total to ~360 MW (8-K 2025-08-18).
The same parties, other deals
- TeraWulf and Kentucky Power amend the Muskie Data Campus power agreements, raising contracted capacity from 500 MW to 1 GWundisclosed · 5 Oct 2026
- An unnamed AI lab commits to a 10-year Barber Lake lease following Fluidstack's term, ~$5.2B; Fluidstack lease re-phased$5.2B · 25 Sept 2026
- Anthropic signs a 20-year lease for ~401 MW at TeraWulf's Justified Data campus in Hawesville, Kentucky, ~$19B of contracted revenue$19B · 6 Jul 2026
- Fluidstack signs a 15-year, $7.0B lease for 245 MW at Hut 8's River Bend campus, Louisiana, with a Google backstop$7B · 17 Dec 2025
- Anthropic announces a $50B investment in US data centers built with Fluidstack in Texas and New York$50B · 12 Nov 2025
- TeraWulf and Fluidstack form a JV for a 168 MW Abernathy, Texas campus under a 25-year, ~$9.5B lease; Google backstops $1.3B$9.5B · 28 Oct 2025